Gold breaks all-time records by hitting Rs166,400 per tola (11.66 grammes) due to a sharp increase in demand as people flocked to the safe-haven asset to fend off the effects of high inflation.
As per the Report that the demand for the precious metal increased 34% year over year to 13 tonnes in Pakistan between July and September, and the price of bullion increased by Rs2,250 per tola in a single day. Data from the World Gold Council were cited.
According to the international news source, “that was the most gold purchased during a quarter in at least about three years.”
The rise in prices, according to the All Sindh Saraf and Jewellers Association, which releases bullion rates for local markets, is partially in line with the rise in global markets.
As Pakistan imported metal to meet demand, the rupee’s depreciation against the US dollar also contributed to the price increase.
On Thursday, the price of gold rose $10 to $1,784 per ounce (31.10 grammes) in the world market.